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Editorial
Good news, bad news on property values
Thursday, April 17, 2014
We've got good news and bad news; which would you like to hear first?
The good news: if you're an average Nebraska property owner, your property has increased 12.45 percent in value, 29.1 percent if it's agricultural land.
The bad news: if you're an average Nebraska property owner, your property has increased 12.45 percent in value, 29.1 percent if it's agricultural land.
Unless you're planning to sell right away, it's bad news; you'll probably pay proportionally more in property taxes.
Overall, Nebraska's valuation is up $20.93 billion, only $1.99 billion of it in new construction, and $18.94 billion in increases to the valuation of existing property.
For farmers watching to bottom line, property taxes are just another expense that doesn't increase income.
The Legislature helps out someone, allocating another $25 million for the state's property tax credit cash fund -- if you have a $100,000 home, you would notice a $74.11 tax credit as a result.
But ag advocates like Steve Nelson of the Nebraska Farm Bureau Federation contend that "the fact remains that Nebraska farmers and ranchers pay the third-highest property taxes in the U.S. and will continue to do so until something is done to address this issue."
As the election year continues, keep the property valuation issue in mind -- unless cities, counties, school districts and other tax-setting entities lower their levies, the amount of taxes collected per $100 of valuation, they'll actually be raising taxes.